Generation-rent is here to stay, according to lettings specialists

Manchester has a range of new homes to rent that match its formidable vibe.

As house prices continue to rise, it seems that ‘generation-rent’ is here to stay. With renting becoming more popular, a new kind of renter has emerged – the ‘lifestyle-renter’ – a group that sees their decision to rent as a lifestyle choice that can help them streamline their busy lives and hone in on a successful career.

These new renters are coming to Manchester in their droves, following in the footsteps of the media, creative and technology industries that have relocated to the North West.

As a result, Manchester is growing significantly, which is paving the way for a rush of development, particularly of purpose-built apartment blocks, that are designed strictly for renting and managed to a very high standard by large professional landlords.

These properties are designed to create communities; they offer everything from local amenities to gym facilities, and some even provide private cinema spaces, co-working spaces and bigger bookable social areas.

A large number of the cranes on the Manchester skyline are constructing purpose-built blocks for renters, so here we take a look at this new lifestyle model, who it benefits, and what some of the available options are.

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What is this new renting lifestyle?

With Build to Rent (as it is better known in the property world), developments are designed with the sole intention of being rented out and professionally managed as one complex. The focus is on convenience, service and facilities. Locations are chosen carefully to make sure that nearby amenities are convenient and support residents’ needs, focusing on creating a community and a shared living lifestyle.

Depending on the affordability of the apartments, residents could have access to a range of onsite facilities, including a gym, private dining area, co-working areas with private meeting rooms, spaces for private entertaining and social hubs, with some even going as far as private cinemas, salons and concierge services. Most properties are managed by an experienced ‘front of house’ team who will do everything from taking parcel deliveries to sorting out problems.

Richard Berridge, director of build to rent specialists MLH Investments, believes the cosmopolitan nature of Manchester is perfectly suited to a lifestyle led approach to renting.

He says “There is an assumption that Generation Rent is renting because they have no choice, but more and more people, whether millennials, baby boomers or later life down sizers, are renting because it provides them with a lifestyle that they wouldn’t be able to have through home ownership. Manchester though is awash with a generation of people who have good jobs in exciting growth industries such as the media or digital and creative.

“They tend to under 35 and want to enjoy living in an exciting city, to be as close to the centre as possible, to enjoy the convenience culture they have become accustomed to, to be sociable with the people they share spaces with and to live in good quality homes.

“When our work-life is more flexible than our home-life, then something is wrong. That’s where lifestyle renting comes to the rescue because suddenly you can work from home without being cooped up in a lonely room, you can pop to the gym at any time of the day or night and you can do your ASOS shop without worrying about being there to collect it or drag your returns to a post office.

“In the US and many of Europe’s biggest cities, this is a way of living that has been the norm for a while. It could well be that Manchester is perfectly set for being the first city in the UK to really get it and embrace it.”

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The benefits of ‘lifestyle renting’

For Nicola Renny, lifestyle renting is the answer that generation rent is looking for. Nicola, who is the general manager at Grainger’s Clipper’s Quay, unsurprisingly extolls the virtues of this amenity-filled lifestyle, saying: “Our properties are redefining the way people rent because they are being built to meet modern day renters’ specific needs and offer them a mix of convenience, flexibility, excellent customer service and high-quality design.

“They tend to be in and around the city centre to enable residents to have the best possible work-life balance and they create social networks that become genuine communities. Everyone talks about this forced need to rent, but for a growing number, renting is an attractive lifestyle choice too.”

Whether it is a large block with a long list of facilities and a sociable community, or a smaller more exclusive building, it is the principle of service and convenience that ties all schemes together. Be it the presence of Amazon lockers or parcel storage (or in some instances both), the ability to co-work in the building you live in, laundry collection or having an onsite gym, all the properties being built across Manchester appear to be designed to make life easier for the people that live there.

“The natural assumption is that it will be stupidly expensive to live in a property that has everything, but as with anything in life, there are options to suit every budget”, adds Nicola.

He says, “when you speak to people who have looked at countless tired buy to let flats and houses, who have then been to see a new block that offers them the sort of facilities they normally only get in hotels, it isn’t a surprise that they want to opt for the new over the old.

“No other city in the UK currently has so many lifestyle led rental schemes being built in such a compact area. To look at the schemes being marketed, they all offer high quality living spaces in well managed buildings, but there is a real variety in the types of amenities offered, the costs and the sizes, which means there really is an option for everyone.”

Manchester has been marked as the number one hotspot for development and growth in the UK, and hordes of young professionals and students alike are flocking to its canals, with the lifestyle renting trend right on their heels. Affordable options and luxury accommodation might just mean that lifestyle renting is delivering a solution to the problem in the very nick of time.

Three purpose built rental schemes coming to Manchester

The Astley by Liv

The Liv Group manages apartments and homes all over the country, but one of their most popular developments is The Astley in the heart of Manchester’s city centre. The Astley is sleek, chic city living at its finest. The flats are luxurious and impeccably designed with top of the range fixtures and fittings, all residents have access to a residents’ lounge and rooftop terrace. As with all lifestyle rental properties, the building is managed by a property manager and office coordinator who are available at any time to help where needed. Located at the top of Port Street, The Astley has a range of designer apartments available from studios to three-bedrooms. These are high-end designer homes, with prices for an entry level studio apartment starting from £850 per month.

Clippers Quay by Grainger

Grainger, the UK’s largest provider of professionally managed rental homes, will open a range of one, two and three-bedroom apartments in Salford Quays before the end of the year. Positioned across three individually themed buildings to suit different tastes and needs, residents will have access to a wide array of onsite facilities, including a 24-hour gym suite with bookable virtual classes, residents lounge, private gardens, a residents cinema, bookable dinner party friendly private dining rooms and flexible co-working spaces. Overseen by an onsite management team and 24/7 concierge, these high-quality apartments offer great value, with prices expected to start from a sensible £740 per month for a one-bedroom apartment. The first phase is now complete, with the residents moving in throughout November and December.

Chapel Wharf by Dandara

One of the other eagerly anticipated lifestyle renting developments coming to Manchester is Dandara’s Chapel Wharf, the first phase of which will open in April 2019. The scheme will feature almost 1000 one, two and three-bedroom Manhattan style open plan apartments spread across four blocks. The scheme will form part of the wider long-term redevelopment of Chapel Wharf, that will eventually include a hotel, shops and restaurants. The development will be very similar to Dandara’s developments across the UK, featuring luxury accommodation in a city centre location.